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Head of the Pack: Japan Endorses 11 Cryptocurrency Exchanges, Aims to Become Bitcoin Powerhouse

Published October 1, 2017 by
William Peaster

In a prime example of real-world adoption, Japan’s Financial Services Agency (FSA) just endorsed 11 cryptocurrency exchanges, giving them official licenses to sell Bitcoin, Ethereum, and other altcoins to Japanese customers.

This development gives Japan the distinction of liberalizing its citizens’ access to crypto at a time when neighboring Asian nations like China and South Korea are initiating tighter regulations in the space.

This trajectory of legitimization began in April, when the Japanese government recognized Bitcoin as an official currency. Increasingly, then, the influential island nation is placing itself at the vanguard of crypto, staking out its position as arguably the most pro-Bitcoin world power.

Most notably, the FSA approved bitFlyer—Japan’s largest and most successful crypto exchange to date.

“Japan has been exploding with demand for both Bitcoin trading as well as virtual currency services. The FSA’s approval for bitFlyer to operate as a Registered Virtual Currency Exchange, and the agency’s openness and forward-thinking regulation could not come at a better time for the Blockchain space,” said bitFlyer CEO Yuzo Kano in a press release.

As Japan’s leading financial watchdog, the FSA has made it clear they intend to prevent a repeat of the Mt Gox incident, a cryptocurrency exchange that failed in Tokyo in 2014 due to mismanagement.

A full list of endorsed exchanges by the FSA is available in Japanese on their website.

Expect upward pressure on the price of crypto–Bitcoin and Ethereum in particular—as positive news like this continues to pour out of Japan. bitFlyer itself has declared it intends to use its new license to attract new international crypto users, meaning this is just the beginning of new money entering the space.

And Japan’s influential position as a world leader will surely inspire other countries to follow its pro-Bitcoin lead, in Asia and beyond.

Bullish news like this could have Bitcoin testing its all-time high of $5,000 in the short-term.

TLDR: The Japanese government just gave official licenses to 11 crypto exchanges, making it the new headquarters for Bitcoin in Asia.